Celebrity meme coin promoter Sahil Arora banned from X amid scam allegations
The JENNER meme coin's market cap is down from $43 million to $5 million after the scandal, while other celebs have followed suit and called out Arora.
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Sahil Arora, a celebrity memecoin promoter, has been banned from the social media platform X following accusations of orchestrating “pump and dump” schemes involving celebrity-themed memecoins.
Several celebrities, including Caitlyn Jenner and Iggy Azalea, have called out Arora for his alleged involvement in these scams.
According to the accusations, Arora acted as a middleman, launching tokens on behalf of celebrities, having them promote the tokens, and then dumping his own holdings to withdraw liquidity, causing the price to plummet. This is a common risk in the largely unregulated memecoin market.
One such token, JENNER, reportedly rose to a market cap of $43 million within 24 hours of its launch but subsequently fell sharply. The token’s market cap has since dropped to roughly $5 million.
Caitlyn Jenner took to X to accuse Arora of scamming her:
FUCK SAHIL!
He scammed us!
BIG TIME!
@Ryan_S_Gladwin https://t.co/flSWpT872g— Caitlyn Jenner (@Caitlyn_Jenner) May 28, 2024
It appears that Arora has a separate X account affiliated with Hype Strategy, an advertising and marketing agency based in Florida. In the said account, Arora claims that Jenner rugged the token.
https://twitter.com/sahilbuilds/status/1797776925840085468
American mumble rapper Rich the Kid also claimed on X that his account was “hacked” to promote a coin “by Sahil,” who then allegedly “made a pump and dump and dumped all the money to his account” prior to blocking the celebs he allegedly scammed.
A separate incident shows that Arora allegedly posted fake screenshots that implied some degree of involvement with the launch of IGGY, a meme coin inspired by Australian rapper Iggy Azalea. The rapper later responded to the claims and launched her own token, MOTHER, on Solana.
According to a report from The Block, the account responded to queries and released the following statement:
“[T]hey hate what they can’t create, they try everyday to shut me down but nothing will really make me quit. this just powers me up more to do crazy and epic sh*t and i have a lot more big moves incoming to shake the space.”
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